On 28 August 2013, following the publication of the consolidated report for the period from 1st January to 30 June 2013, the company’s authorities represented by Krzysztof Oleksowicz, Krzysztof Soszyński and Piotr Zamora discussed the financial results of the Inter Cars Group in a conference call organized in addition to the published financial data for the 1st and 2nd quarters of 2013.

 

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The Members of the Management Board, Krzysztof Oleksowicz and Krzysztof Soszyński, as well as Piotr Zamora – the company’s Finance Director, who hosted the conference call, referred to all key conclusions of the financial report summing up the 1st six months of the company’s operations.

 

 

  oleksowicz.jpg Krzysztof Oleksowicz said
We can boast very good results. Our growth translates into our stability and predictability, which results in an exceptionally good price of our stocks at the WSE, the highest price ever recorded by IC. 

Already our good April results proved that the economy is waking up after an exceptionally long winter, and that car owners are beginning to look to the future with optimism. This trend continued in the following months, bringing about an increase in the number of repairs. Let me just add, that Inter Cars was fully prepared to handle that increase.

Speaking of the prospects for the future, we can say we are planning to grow way above the market, and that in the 2nd half of the year our growth will continue to be a two-digit one. Our revenues are going to exceed pln 3.4 b, which means we will go way above the original target of one billion dollars.
 
  soszynski.jpg Krzysztof Soszyński said
Inter Cars’s Polish revenues in the 1st half of 2013 accounted for app. 64% of the total revenues of the entire Capital Group, compared to 67% last year. You can see that the share of our foreign subsidiaries is increasing.

The sales generated by our foreign distribution subsidiaries in the 1st half of 2013 amounted to PLN 408 m, accounting for a 25% increase.

Romania and Lithuania proved the most interesting of all our markets. The former was able to keep the growth thanks to its broad branch chain, while the latter proved the most profitable of all our overseas companies. It is also worth mentioning that the decision to open a branch in Bulgaria turned out to be a very good one, and that the company began to bring profits in the very first year of its operation. As far as Croatia is concerned, we expect its sales to grow following the country’s accession to the EU.
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Piotr Zamora said
Our results both in terms of revenues and profits proved record-high and amounted to PLN 943 m and 40 m, respectively
Inter Cars was able to take advantage of the good market situation in Q2 and Q3 thanks to its efficient logistics, broad range of goods and product availability.

During the period of six months we managed to increase our sales margin by 15% -- a growth from pln 444m to 512 m, and to improve the use of our working capital in relation to sales – from 88 to 85 days. This means that Inter Cars has been effectively using its current assets, has no excess stock or sales receivables.

Inter Cars has proven that it’s capable of a stable development during economic upturns and downturns.

 

 

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